Many businesses still struggling to survive in Alert Level 2

May 19, 2020

New Zealanders need to keep spending to keep the economy pumping.

A large number of businesses are still suffering nearly a week into Alert Level 2.

Spending on motels, clothing and restaurants are down seven per cent.

“Anything to do with the tourism sector, car rentals, they really are struggling to see the revenue come through.

“Hopefully once we move through Level 2 and on in to Level 1, we'll start to see that come back to life again,” Paymark’s Paul Brislen told 1 NEWS.

In a pledge to support small businesses, banks are promising to pay their bills within 14 days.

The Reserve Bank's also opened up about its job to keep interest rates low to help the economy.

“There’s nothing untoward about it, it's what central banks do.

“It's just that all of a sudden that we’re doing it in much larger quantities and grabbing all the headlines,” Reserve Bank’s Yuong Ha says.

It comes as Prime Minister Jacinda Ardern is appealing for Kiwis to get out and explore the country, while borders remain shut to incoming tourists.

"Come and experience hospitality and culture in your own backyard," she says.

"Come and take a two-hour trip and experience it yourselves."

SHARE ME

More Stories